Stock Market Update Thursday, October 24, 2024

Stock Market Update Thursday, October 24, 2024 The major averages closed higher today, buoyed by Tesla's impressive earnings, which acted as a significant catalyst for broader market gains. The S&P 500 posted a modest increase of 0.21%, while the Nasdaq surged 0.76%, and the Russell 2000 advanced 0.20%. Tesla’s over 20% rally contributed to a robust 3% rise in the Consumer Discretionary sector, making it the day's standout performer. Additionally, U.S. initial jobless claims fell back to pre-hurricane levels, further supporting market sentiment. The S&P 500 broke its three-day losing streak, primarily driven by the surge in Tesla.

Away From Stocks: Treasuries exhibited strength as the yield on the 30-year bond declined by four basis points to 4.47%, following a near three-month high reached on Wednesday. Meanwhile, the two-year yield held steady at its 10-week peak of 4.07%. In commodities, WTI crude slipped below $71 per barrel, while gold rebounded, recovering most of its previous session's losses to settle at $2,736 per ounce. Bitcoin extended its gains, climbing to $68,100, and the VIX, a key gauge of market volatility, settled slightly above 19.